Albany, NY -- (SBWIRE) -- 08/16/2018 -- Global Tuberculosis Testing Market: Snapshot
Savvy players in the global tuberculosis testing market are banking upon strategic acquisitions to grow their shares. They are also pouring money into product development. Such actions of companies are benefitting the market, along with the rising instances of tuberculosis.
Currently, hospital laboratories generate maximum demand in the global tuberculosis testing market. The growth in the hospital laboratories can be attributed to the cost effective tests available in hospital laboratories. The physician's office laboratories segment is another key end-use segment which is proliferating worldwide because of their cost effectiveness.
According to a Transparency Market Research report, the global tuberculosis testing market will likely expand at a tepid CAGR of 3.9% from 2017 to 2025 to become worth US$3.18 bn by 2025.
Culture-based Tests Most Popular
Depending upon type, the global tuberculosis testing market has been divided into chest x-ray, culture based tests, IGRA (interferon-gamma release assays), mantoux test (TST), nucleic acid testing (NAT), Xpert test, serological tests, smear microscopy and other tests such as ADA, etc. Of them, the culture based tests held a leading share in 2016. In the years ahead too, the segment is expected to retain its dominant share vis-à-vis revenue. This is because it helps to diagnose and confirm active tuberculosis more accurately. Culture test is one of the major confirmatory test for TB diagnosis that utilize sputum or other clinical specimens. A culture test is often carried out to confirm the absence of MTB, boosting the market.
In terms of growth rate, the IGRA (Interferon-Gamma Release Assays) segment is expected to surpass all others in the forecast period. The two commercially available IGRAs, namely QuantiFERON-TB (QFT) and T-SPOT.TB have been CE-marked for use in Europe, increasing its availability and acceptance. This is projected to fuel the IGRA segment during the forecast period.
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Government Grants Catapults Asia Pacific Market to Leading Position
From a geographical standpoint, Asia Pacific dominates both in terms of revenue generation and growth rate. By clocking a CAGR of 4.9% from 2017 to 2025, the region is expected to grow its revenue to US$1.11 bn. The market in the region has enormously benefitted from the increasing approvals of tuberculosis tests, government grants towards research on tuberculosis such as research and other government initiatives such as tax credit and fee waivers.
Europe trails Asia Pacific in terms of revenue generation because of the rising prevalence of tuberculosis in the region. By rising at a CAGR of 3.5% from 2017 to 2025, the region is predicted to clock in a revenue US$708.3 by 2025. Presence of numerous big names in the region who are constantly developing new products has provided a major boost to the market.
The Middle East and Africa is another key region that is expected to grow at a relatively faster pace because of the increasing instances of tuberculosis, the increasing government focus on establishing regulations for the approval of tuberculosis tests, and growing focus on awareness programs by the tuberculosis diagnosis testing kits manufacturing companies, among others. In North America powered by the U.S. is one of the major market for global tuberculosis testing market.
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Some of the prominent players in the global tuberculosis testing market are Becton, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Hain Lifescience GmbH, Hologic Inc., Abbott Laboratories, Alere Inc., Epistem plc, Cepheid, bioMérieux SA, Akonni Biosystems Inc., LIONEX Diagnostics & Therapeutics GmbH., Danaher Corporation, Creative Diagnostics, QIAGEN, and Oxford Immunotec Ltd.
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